Business
JM | Aug 17, 2022

Q2 revenues and profit up for PBS

/ Our Today

administrator
P.B. Scott, chairman of Productive Business Solutions Limited (PBS). (Photo contributed)

Regional information technology firm Productive Business Solutions Limited (PBS) continues its strong revenue and earnings growth in 2022.

In the unaudited financial report to shareholders for the second quarter ended June 30, 2022, the company recorded significant increases in revenue, profit after tax, and earnings before interest, taxes, depreciation, and amortisation (EBITDA).

PBS recorded an after-tax profit of US$1.7 million for the quarter under review, representing an increase of US$2.2 million over the previous corresponding quarter.

Revenues for the three months amounted to US$91.2 million, an increase of US$37.5 million or 69.8 per cent over the corresponding period in 2021.

While EBITDA was US$11.8 million compared to the US$5.2 million recorded in the second quarter of 2021, representing an increase of 127 per cent.

According to the chairman of PBS, Paul Scott, “PBS’ first half-year performance showcases the capability of our 2,154 professionals and reflects the talent and commitment of our staff across the 19 countries in which we operate. We serve the leading technology brands worldwide and the largest governments and companies in the Caribbean and Central America”.

Scott added that he anticipates that the company’s momentum will continue for the remainder of 2022, solidifying its position as the region’s leading enterprise information technology company.

During the quarter under review, PBS, through a contract with the Education Ministry of El Salvador, provided the ministry’s first Google Classroom Workspace solution as the country charts the way for a true digital revolution.

Additionally, PBS signed its first contract to provide ATMs ‘as a service’ with one of the leading banks in the Caribbean and executed numerous transactions with its banking and retail clients in the Caribbean and Central America for ATM and self-checkout devices.

The Georgetown offices of PBS Technologies Inc. Guyana. Photo taken July 2021. (Photo: Facebook @pbstechnologiesguyana)

“In our continued transition to selling software solutions, we are pleased to announce our first contract to implement Oracle HCM (human capital management) for a financial institution with over 5,000 employees,” the company said in its report.

Furthermore, in its security business line, PBS also implemented a Motorola-worn Camera solution, adding transparency as security officers interact daily with citizens.

To accelerate its growth momentum in 2022, the information technology company is seeking to raise up to J$2.6 billion in a two-tranche preference share offer. The offer opened on the Jamaica Stock Exchange (JSE) on August 12 and closes on September 9, 2022.

The proceeds of the offer will support strategic growth objectives and opportunities, including acquisitions and expansions into new territories.

The company will issue one million perpetual cumulative redeemable preference shares in US dollars at a fixed rate of 9.25 per cent and another 150,000 perpetual cumulative redeemable preference shares in Jamaican dollars at a fixed rate of 10.50 per cent.

JMMB Securities Limited is the lead arranger and broker and Barita Investments Limited is the selling agent.

 Applications can be completed on JMMB Moneyline or Barita Boss. 

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